BEIJING, Feb. 2, 2016 /PRNewswire/ -- Recon Technology,
Ltd. (NASDAQ: RCON) ("Recon" or the "Company"), a leading
independent oilfield services provider operating primarily
in China, announced today that Beijing BHD Petroleum
Technology Co., Ltd. ("BHD"), a wholly-owned subsidiary of the
Company, received two orders for a total of RMB 2.1 million (~US$0.3
million) from PetroChina's oilfield companies. The first
order, dated January 12, 2016, is to
supply two heat exchanger units, a major component of furnaces, to
PetroChina's Jilin Oilfield for RMB 650
thousand (~US$0.1 million),
with a scheduled delivery date of no later than March 15, 2016. The second order, dated
January 21, 2016, is to supply two
furnaces to PetroChina's Huabei Oilfield for RMB 1.47 million (~US$0.2
million), with a scheduled delivery date of February 29, 2016.
Both orders are part of PetroChina's furnace procurement program
(the "Procurement Program") that BHD bided on and for which BHD has
received a Class A Furnace Supplier qualification, as was
previously announced by the Company on December 14, 2015. These two orders, combined
with the RMB 3.22 million
(~US$0.5 million) order received from
PetroChina's Huabei Oilfield in December
2015, brings the aggregate order value to more than
RMB 5.3 million (~US$0.8
million) to date for the Company under the
Procurement Program.
Mr. Shenping Yin, Chairman and
CEO of Recon, stated, "The Procurement Program, which covers a two
year period from October 2015 to
September 2017 with expected bids
totaling more than RMB 2.9 billion
(~US$457 million), provides Recon
with an opportunity to boost our furnace business and expand our
presence at PetroChina's oilfield companies. We expect to receive
more follow-on orders as part of the Procurement Program in coming
quarters."
About Recon Technology, Ltd.
Recon Technology, Ltd. (NASDAQ: RCON) ("Recon") is China's first
independent oil and gas field service company to be listed
on NASDAQ. Working closely with leading global partners,
Recon has achieved rapid growth supplying China's largest
oil and gas exploration companies, including Sinopec and China
National Petroleum Corporation, with advanced automated
technologies, efficient gathering and transportation equipment and
reservoir stimulation measures. The solutions Recon provides are
aimed at increasing gas and petroleum extraction levels, reducing
impurities, improving safety and lowering production costs. For
additional information, please visit www.recon.cn.
Cautionary Statements
Statements made in this press release regarding Recon's
current plans, estimates, strategies and beliefs, and other
statements that are not historical facts, are forward-looking
statements about the future performance of Recon. Forward-looking
statements include, but are not limited to, those statements using
words such as "believe," "expect," "plans," "strategy,"
"prospects," "forecast," "estimate," "project," "anticipate,"
"aim," "intend," "seek," "may," "might," "could" or "should," and
words of similar meaning in connection with a discussion of future
operations, financial performance, events or conditions. From time
to time, oral or written forward-looking statements may also be
included in other materials released to the public. These
statements are based on management's assumptions, judgments and
beliefs in light of the information currently available to it.
Recon cautions investors that a number of important risks and
uncertainties could cause actual results to differ materially from
those discussed in the forward-looking statements, including but
not limited to, product and service demand and acceptance, changes
in technology, economic conditions, the impact of competition and
pricing, government regulation, and other risks contained in
reports filed by the company with the Securities and Exchange
Commission. Therefore investors should not place undue reliance on
such forward-looking statements. Actual results may differ
significantly from those set forth in the forward-looking
statements.
All such forward-looking statements, whether written or oral,
and whether made by or on behalf of the company, are expressly
qualified by the cautionary statements and any other cautionary
statements which may accompany the forward-looking statements. In
addition, the company disclaims any obligation to update any
forward-looking statements to reflect events or circumstances after
the date hereof.
Contact:
Recon Technology, Ltd.
Jia Liu, Chief Financial
Officer
Tel: +86-10-8494-5799
Email: info@recon.cn
Weitian Investor Relations
Tina Xiao
Tel: +1-917-609-0333
Email: tina.xiao@weitian-ir.com
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SOURCE Recon Technology, Ltd.